Edit: Awap was already in the middle of answering this, so please excuse the redundancy.
Hello AquaNSun,
Welcome to the Dark Side, ignore the naysayers and if you want to service your own equipment do so. As Awap will tell you diving gear is not life support equipment, but I'm going to steal a quote from someone else (Thalassmania, I think), "Yes, it is life support, that's why I service it myself."
I was just looking at the manual for the Oceanic Alpha 7, it's a good one. If you don't have one already, PM me with an email address where you can receive PDF files and I'll send one to you. Additionally, that looks like a good straight forward classic downstream dual adjustment second stage, if you really want to cheese off the "Don't Do it Yourself" crowd, get a home made poppet seat from Awap who punches them out of high quality EPDM. Speaking of quality, get quality o-rings from a reliable source, it is hit and miss at a hardware store.
Anyway, to answer you question, yes, for low pressure applications 70 duro EPDM or Viton is fine even with high concentrations of O2. Shore 90 for h.p. such as h.p hoses, tank neck to valves etc.
The nyloc nuts size is probably a 5-40 , but as mentioned, take the poppet to the hardware store and get the correct size. Having said that, get a stainless steel or brass nut to avoid problems with corrosion.
Here is the start of a wish list if you want to order from McMaster-Carr:
http://www.mcmaster.com/#
Part Number:
91831A006 1 Pack 18-8 Stainless Steel Nylon-insert Hex Locknut: 5-40 Thread Size*
Part Number:
91831A005 1Pack 18-8 Stainless Steel Nylon-Insert Hex Locknut 4-40 Thread Size (just in case)*
Part Number:
9557K462 100 -010 o-rings ($4.34 per Pack of 100*) (you will need more of these for l.p. ports and hoses) or
Part Number:
9561K11 25 -010 o-rings $3.00 per Pack of 25*
Part Number:
8297T121 100 -011 o-rings $9.00 per Pack of 100*
Part Number:
9557K441 80 - 906 $5.95 per Pack of 80 *
I'm sure you will find some other stuff there you might like such as stainless steel springs to make fin straps: Part Number:
3932K54 but you get the idea.
*Now I know this sounds like a lot of extra parts, so if you just need a few o-rings or 4-40 nuts (I do not currently have any 5-40) PM me and I'll get you started. But I warn you, once you start-there is no stopping.
Enjoy it,
Couv